Punjab-Haryana High Court
Punjab Wireless System vs Canara Bank And Ors on 12 February, 2020
Equivalent citations: AIRONLINE 2020 P AND H 423
Author: Rajbir Sehrawat
Bench: Rajbir Sehrawat
CA No. 448 of 2009 in/and
CP No. 226 of 1999 and
all other connected CAs & CPs -1-
IN THE HIGH COURT OF PUNJAB AND HARYANA
AT CHANDIGARH
104+4
*****
CA No. 448 of 2009 in/and
CP No. 226 of 1999 and
all other connected CAs & CPs
Date of decision : 12.2.2020
M/s Punjab Wireless System Limited (in liquidation) ......Applicant
Vs.
The Canara Bank and others ......Respondents
CORAM: HON'BLE MR. JUSTICE RAJBIR SEHRAWAT
Present : Mr. O.P. Sharma, Official Liquidator with
Mr. Viney Pandey, Advocate
Mr. Vivek Bhandari, Advocate, for Workers Union
Mr. Sanjay Tangri, Advocate, for applicant (CA No. 260 of 2015)
Mr. Manish Jain, Advocate with
Mr. Mayur Kanwar, Advocate, for SASF
Ms. Gunjan Gera, Advocate, for
Mr. Arvind Rajotia, Advocate, for Canara Bank
Mr. Amit Goyal, Advocate, for Central Excise Deptt.
Mr. Sanjeev K. Sharma, Advocate, for Indian Overseas Bank
Mr. Vikas Mohan Gupta, Advocate, for PSIDC
Mr. Parveen Gupta, Advocate, for Chartered Accountant
(in CA No. 509 of 2016)
---
Rajbir Sehrawat, J. (Oral)
This order shall dispose of all the petitions, applications and suits bearing CAs No. 429 of 2011, 260 and 420 of 2015, 118 of 2010, CP No. 128 of 2006, IOIN-CA-448 of 2009, IOIN-CA No. 663 of 2007, CA No. 11 of 2012, CA No. 309-310 of 2012, CA No. 512-13 of 2012, CA No. 732-33 of 2012, CS No.2 of 2015, CS No. 3 of 2015, CS No. 4 of 2015, CA No. 677 of 2016 and CA No. 509 of 2016, CP No. 57 of 2002 and all other applications and petitions whatever, which are pending and which are not even fixed for today, in Company Petition No. 226 of 1999; as well as; would finally dissolve 1 of 16 ::: Downloaded on - 01-03-2020 05:37:45 ::: CA No. 448 of 2009 in/and CP No. 226 of 1999 and all other connected CAs & CPs -2- the company in liquidation.
Since the court is passing final order, therefore, all applications, suits or claim petitions filed against the company in liquidation, which are not fixed for today, are ordered to be preponed to today.
The winding up petition was filed by M/s H.S. Oberoi & Associates, claiming to be the creditor. Thereupon, this Court had appointed provisional Official Liquidator vide order dated 27.7.2000, passed in CA No. 705 of 1999. Later on, vide order dated 1.2.2001, passed in CP No. 226 of 1999, the final winding up order was passed and the Official Liquidator was appointed. In pursuance of the above proceedings, the Official Liquidator had taken charge of the registered office and factory premises/units of the company in liquidation. Later on, vide order dated 4.12.2003 passed in CA No. 775 of 2003, this Court had directed the Official Liquidator to sell the movable and immovable assets of the company in liquidation, in association with the secured creditors. Accordingly, the sale was conducted. Thereafter, vide order dated 20.4.2006 and 24.4.2006 passed in CA No. 559 of 2005, the sale was confirmed in favour of the highest bidders. Although, qua one of the immovable property of the company in liquidation, sold by the Official Liquidator, the matter had gone to the Supreme Court. However, by change of the bidder, the sale stood confirmed as mentioned above.
Thereafter, the claims were invited from all the interested persons, legally entitled to get the dividend from the sale proceeds of the assets of the company in liquidation. For that purpose, notices were issued in newspaper on 24.1.2008. The claims were received from the interested persons. The said claims were got verified from the approved Chartered Accountant firm. The 2 of 16 ::: Downloaded on - 01-03-2020 05:37:45 ::: CA No. 448 of 2009 in/and CP No. 226 of 1999 and all other connected CAs & CPs -3- said Chartered Accountant firm submitted its report. The Official Liquidator discussed the said report with workmen and secured creditors of the company in liquidation. Thereafter, the said report was placed before this Court. Subsequently, the Official Liquidator filed CA No. 448 of 2009 for placing the verified claims report, submitted by the Chartered Accountant firm on record and for seeking the appropriate orders for release of dividend to the workmen and to the secured creditors. It is this application, which is pending till today.
After the report of the Chartered Accountant firm was placed before this Court by the Official Liquidator, certain objections were raised by some of the interested persons. Accordingly, to finally settle the competing claims of the secured creditors, workmen, employees, and unsecured creditors etc., this Court, vide order dated 8.10.2009, had appointed a Committee, headed by Justice N.K. Aggarwal, a former judge of this Court. The said Committee was mandated to hear the respective parties and then to submit a final report to this Court. After having discussion with the objectors, workers and other creditors and after settling the claims of the respective parties, the Committee, finalised the claims of the respective parties and filed its report dated 22.02.2010. In its report, the Committee excluded 159 objectors/employees from the category of workman. The objections of the Employees Provident Fund Organisation, Chandigarh (in short 'the EPFO'), was accepted for the provident funds dues as on the date of appointment of the Official Liquidator. However, the claim of the EPFO was rejected qua the damages and interest.
When the matter was taken up on 18.3.2010, the Official Liquidator had brought to the notice of this Court that on two issues raised by 3 of 16 ::: Downloaded on - 01-03-2020 05:37:45 ::: CA No. 448 of 2009 in/and CP No. 226 of 1999 and all other connected CAs & CPs -4- the workers, the above said Committee had referred the matter to the Chartered Accountant, who in turn has submitted the supplementary report. The Supplementary report was also placed before this Court earlier. The copy of the said report was also supplied to the counsel for the respective parties. The secured creditors had accepted the entire report as such. Therefore, vide order dated 18.3.2010, this Court had ordered that no written objections against the above said report shall be entertained from any quarters. However, it was further ordered that the counsel for the parties would be at liberty to address the Court with an endevour and final disbursement of the sale proceeds.
Thereafter, vide order dated 28.5.2010, 25% of the approved claim of the ex-workers/ employees/officials of the company was ordered to be paid to them. Vide this order, the Official Liquidator was also directed to release Rs.2 crores each in favour of IFCI, IDBI Bank/SASF, subject to their furnishing bank guarantees to his satisfaction. However, since some more workers had filed applications for submitting their claims with condonation of delay, therefore, their claims were also ordered to be considered and get determined through the Official Liquidator. Again, vide order dated 11.7.2012, this Court had directed the Official Liquidator to release at least 50% of the approved claim to each of the workers or the family of the deceased workers. However, it was further ordered that no payment shall be released to secured creditors or unsecured creditors till further orders. Thereafter, the case remained pending to await the determination of the final claims of the additional workers, who had filed their claims. In the meantime, even the Chartered Accountant had submitted a hefty bill of Rs.17,65,020/-. This Court had sought justification for the said bill vide order dated 11.4.2013. Thereafter, 4 of 16 ::: Downloaded on - 01-03-2020 05:37:45 ::: CA No. 448 of 2009 in/and CP No. 226 of 1999 and all other connected CAs & CPs -5- as decided in the meeting of creditors and the Official Liquidator; an amount of Rs. 11 lakhs was paid as per order dated 19.5.2017.
Later on, vide order dated 24.1.2014, the Court had directed the Registry to ensure that all the objections filed against the report of the committee, headed by Justice N.K. Aggarwal (Retd.), are placed before the Bench. It was further ordered that the objectors would be free to file certain submissions qua their objections against the report. On 10.3.2014 again, the case was adjourned for doing the needful in this regard. However, vide order dated 12.5.2014, the Court observed that the earlier order dated 18.3.2010, prohibiting filing of written objection from any quarters was not brought to the notice of that Bench when orders dated 24.1.2014 and 10.3.2014 were passed, therefore, the said orders dated 24.1.2014 and 10.3.2014 were ordered to be withdrawn and the case was adjourned for final arguments.
Subsequent order dated 13.10.2015 shows that some more unsecured creditors had filed suits before the Courts below for seeking declarations of their being secured creditors. These suits were ordered to be transferred to the High Court. However, no decision has been taken on these suits so far and the order sheet shows that only one suit has been referred to this Court and as per the subsequent orders and even in that suit no further proceedings have been undertaken. This order also shows that the secured creditors, as well as EPFO and the employees had submitted that they have no objection to the report and they had sought disbursement of their claims. However, the EPFO had also submitted that in view of Section 11 of the Employees' Provident Fund and Miscellaneous Provisions Act, 1952 (in short 'the EPF & MP Act'), the proceeds of the sale of the assets of the company in 5 of 16 ::: Downloaded on - 01-03-2020 05:37:45 ::: CA No. 448 of 2009 in/and CP No. 226 of 1999 and all other connected CAs & CPs -6- liquidation has to be first adjusted towards the EPFO dues. Therefore, case was adjourned for arguments on this point by workmen and secured creditors. The subsequent proceedings before this Court also reflects that the Tax Authorities and Directorate of Enforcement have also raised certain questions regarding their outstanding dues. However, no decision had been taken on the same.
It is in this above factual gamut that the Official Liquidator filed his report dated 12.10.2015 explaining the situation and for disbursement of the dividends to the respective parties. It has been pointed out in this report that pursuant to the order dated 8.10.2009 and the subsequent orders, the Official Liquidator has released the interim dividend to the secured creditors against bank guarantee which is as under :-
Sr. No. Name of Claimant Amount paid (Rs.) Remarks
IFCI 13,43,33,304/- Interim dividend paid in
IDBI 3,50,00,000/- pursuant to orders of the
IOB 2,00,00,000/- Hon'ble High Court.
1 (ALL secured creditors 18,93,33,304/-
PSIDC NIL Failed to submit necessary
(as secured creditor) documents includes Bank
2 Guarantee.
UTI (Debenture Holder- NIL Failed to submit necessary
ordered to be treated as documents includes Bank
3 secured creditor) Guarantee.
4 Workers (913 in 8,10,00,000/-approx. 50% of dividend amount
numbers approximately) with rounding of next
figure but not exceeding
55% of dividend amount.
EPFO, Chandigarh NIL No directions issued by
5 the Hon'ble High Court.
Still further, pursuant to the earlier orders passed by the Court qua release of 50% of claim of the workmen, the interim dividends were paid to 913 workmen against their verified claims. 13 workmen failed to claim the interim dividend and not submitted the documents of their identity, as required by the said orders. The details of the dues paid to the workmen, as mentioned 6 of 16 ::: Downloaded on - 01-03-2020 05:37:45 ::: CA No. 448 of 2009 in/and CP No. 226 of 1999 and all other connected CAs & CPs -7- in the report are as under :-
Sr. No. Total Nos. of claim Total Nos. of workmen Date of Chartered received to whom 50% of Accountant report dividend paid 1 901 890 (11 numbers pending) 15.7.2009 2 13 (delay cases) 12 (1 number pending) 15.7.2009 12 (subsequent report and 11 (1 number pending) 25.2.2013 3 delay condoned cases) Still further, the report of the Official Liquidator has pointed out that the admitted claim of the EPFO is Rs.16,82,70,489/-. The report of the Official Liquidator has also pointed out that the sale proceeds arising from the sale of the assets of the company in liquidation are much less than the admitted claims of the competing parties. Hence, the dues are required to be distributed on proportionate basis. So far, the workmen and the secured creditors claims have only been admitted, and they have been paid only the interim dividend.
No proportionate disbursement has been made to the workmen and the secured creditors. Hence, it has been pointed out that the admitted claims of the EPFO is required to be paid and the payments for adjudicated claims of workmen and secured creditors are required to be revised on proportionate basis. Even the details have been mentioned by the Official Liquidator in its report qua various verified/admitted claims of the respective parties and availability of the funds to be disbursed. Hence, the amount is to be finally adjusted between the various admitted and verified claims.
During the hearing of the case today, learned counsel representing some of the workmen has raised a dispute that the workmen had never been retrenched in accordance with the Industrial Disputes Act, 1947 (in short 'the I.D.Act') so far, therefore, their dues have to be calculated for disbursement uptill today. He has submitted that since in terms of Section 529 and 529 (A) 7 of 16 ::: Downloaded on - 01-03-2020 05:37:45 ::: CA No. 448 of 2009 in/and CP No. 226 of 1999 and all other connected CAs & CPs -8- of the Companies Act, 1956 , the dues of the workmen are to be calculated as per the I.D.Act and the I.D.Act contemplates the retrenchment only in accordance with the procedure prescribed therein, therefore, unless the workmen are retrenched or their services are dispensed with, as per the procedure prescribed within the Act, they shall be deemed to be continued in services.
Similarly, counsel representing the EPFO has submitted that the Committee headed by Justice N.K. Aggarwal (Retd.) had wrongly denied the damages and interest to the EPFO; on account of non deposit of the charges by the company in liquidation. Hence, the EPFO is also entitled to the damages and the interest, besides the claim determined by the Committee. The counsel has relied upon the judgment of the Supreme Court rendered in 'Employees Provident Fund Commissioner v. Official Liquidator of Esskay Pharmaceuticals Limited, (2011) 10 SCC 727' and has submitted that the claim of the EPFO has to get priority over and above the debts of the secured creditors or the wages of the workmen payable pari pasu under Section 529(A) of the Companies Act, 1956. The counsel has also relied upon the provisions of Section 11 (2) of the EPF & MP Act.
The parties have not raised any other argument on any aspect whatsoever.
So far as the objections of the parties, qua the quantum of their claims are concerned, the matter already stood foreclosed by the previous order dated 18.3.2010. Thereafter, the creditors and the EPFO had even accepted the claim; as determined by the Committee and had prayed for disbursement of the same. Hence, the quantum of claims; as determined by the Committee; has to 8 of 16 ::: Downloaded on - 01-03-2020 05:37:45 ::: CA No. 448 of 2009 in/and CP No. 226 of 1999 and all other connected CAs & CPs -9- be taken as final, subject to the additional report of the Chartered Accountant qua the additional claims, which were permitted by this Court, after the report of the Committee. Even the additional claims of the parties stand verified by the Chartered Accountant. Accordingly, the interim dividend was also paid to the workmen and the secured creditors pursuant to the previous orders. Hence, the quantum of claims of the parties is taken as finally determined at the level qua which the interim dividend was ordered to be paid. Similarly, even EPFO had accepted the report and had prayed for disbursement as mentioned above. Hence, the claim of the EPFO qua the damages and the interest is not to be entertained at this stage. Similarly, any increase in amount of claim of the workmen cannot be entertained.
Although, the counsel representing some workmen has submitted that the claim determined earlier were upto the date of passing of the winding up order, whereas, the workmen are entitled to the wages uptill now because they have not been discharged as per the provisions of the Act, however, this Court does not find any substance in the argument raised by the counsel in this regard. From the provisions of Section 529 of the Companies Act, 1956, it is clear that the 'workmen' has been defined as 'employee of the company being workman within the definition of the I.D. Act' and the 'workmen's dues' have been ordered to be calculated as payable under the I.D. Act plus the whole day remuneration etc. as contemplated by the Companies Act, 1956. The Industrial Disputes Act, 1947 also defines the workman as 'a person employed with the company or an employee of the company, doing all types of specified works and receiving salary upto a particular limit'. Hence, all workmen under the I.D.Act are also the employees of the company. Even the Companies Act, 1956 9 of 16 ::: Downloaded on - 01-03-2020 05:37:45 ::: CA No. 448 of 2009 in/and CP No. 226 of 1999 and all other connected CAs & CPs -10- defines the workman being employee of the company. Section 445 (3) of the Companies Act, 1956 provides that the winding up orders shall be deemed to be the notice of discharge to the employees of the company except when the business of the company is continued. In the present case, it is nobody's case that the business of the company was continued after the order of winding up of the company. Therefore, from the date of passing of the winding up order, all employees of the company, which include the workmen as well, stood discharged from services of the company in liquidation, by operation of law. Hence, the claim of the workmen that they shall not be taken to have been discharged, is totally not sustainable. For the purpose of Section 445(3) of the Companies Act, 1956, the workman has to be taken as the employee of the company, however, the wages to be paid to the workman on account of liquidation of the company, shall include the emoluments which are included in the definition of wages under the Act, as clarified by Section 529 of the Companies Act, 1956. The calculations of the workmen dues in the present case, has been duly made as per the said provisions. Only thereafter, the claims of the workmen were admitted. Hence, the claims of the workmen has to be restricted to whatever has already been admitted to be their claim upto the date of winding up order of the company and according to which the workmen has been paid the interim dividend.
Next question is qua the priority of the dues payable to the EPFO. Although the counsel for the EPFO have relied upon the judgment of the Supreme Court rendered in Employees Provident Fund Commissioner (supra). However, the Court finds that the said judgment is distinguishable on the facts of the case. In that case, the EPFO dues already stood determined 10 of 16 ::: Downloaded on - 01-03-2020 05:37:45 ::: CA No. 448 of 2009 in/and CP No. 226 of 1999 and all other connected CAs & CPs -11- and crystalised by the EPFO Authorities by passing specific orders. Even the properties of the employer were attached. Thereafter, the liquidation order was passed by the Court. Hence, the amount determined by the EPFO Authorities was taken as consolidated amount, which was given priority over the other dues of the secured creditors and the workmen. However, in the present case, there is nothing on record to show that the EPFO Authorities had passed any order before liquidation order, qua recovery of any amount from the company in liquidation. The claims have been submitted after the winding up order was passed. The Chartered Accountant and the Committee have determined the said claims to be payable under Section 530 of the Companies Act, 1956. Being a debt payable under Section 530 of the Companies Act, 1956, the same has to be treated as the employees entitlement of dues from a provident fund maintained for the welfare of the workmen, as defined under Section 529 (3)
(b) (iv) of the Companies Act, 1956. Therefore, despite being included in Section 530 (1) (f) of the Companies Act, 1956, such dues has to be taken at par with the secured creditors and the other dues of the workmen, which have been given a preferential treatment under Section 529 (A) of the Companies Act, 1956, vis-a-vis, any other dues. Accordingly, the admitted claim of the EPFO shall stand at par with other workmen dues and the secured creditors, for the purpose of proportionate payments.
Although, learned counsel for the EPFO have relied upon Section 11 of the EPF & MP Act, however, a bare perusal of sub-clause (1) of this section shows that this provision contemplates that all contributions to the insurance schemes or any other contributions, payable to the provident fund or the insurance funds, shall be payable at par with the secured creditors, in case 11 of 16 ::: Downloaded on - 01-03-2020 05:37:45 ::: CA No. 448 of 2009 in/and CP No. 226 of 1999 and all other connected CAs & CPs -12- of winding up of the company. Although sub section (2) of Section 11 of the EPF & MP Act creates first charge on the assets of the company in liquidation, qua the contribution to the provident fund, however, a bare perusal of this sub section makes it clear that only such un-deposited amount of contribution, which has been deducted from the wages of the employees or its equal employees' share, has been made the first charge on the assets of the establishment. Therefore, this sub section is applicable only qua actual money already deducted from the employees salary by the employer and equivalent contribution of the employer and not to the undermined contribution to provident fund or insurance funds. There is nothing on record in the present case to show as to whether company in liquidation had actually deducted any amount from the employees salary for being contributed to the provident fund. No such prior order was passed by EPFO authorities determining the amount outstanding against the company in liquidation, before the winding-up order was passed. Hence, the dues of the provident fund cannot be given preference over the other dues of the workmen and the secured creditors. There is another reason for paying the contribution to the provident fund and the wages of the workmen in the same basket, and that is; because both the amounts are meant for workmen only and are ultimately, supposed to go to the workmen. Hence, unless in a case, the provident fund Authorities proved that the amount was actually deducted by the employer but was not paid to the Authorities at the relevant time, sub section (2) of Section 11 of the EPF & MP Act, would not come into play. In that situation, the provisions of Section 11 (1) of the EPF & MP Act shall govern the matter, in consonance with Section 529 (3)(b)(iv), Section 530 (1) (f) and Section 529 A of the Companies Act, 1956, which put 12 of 16 ::: Downloaded on - 01-03-2020 05:37:45 ::: CA No. 448 of 2009 in/and CP No. 226 of 1999 and all other connected CAs & CPs -13- the provident fund dues at par with the other workmen dues. Hence, this argument of learned counsel for the applicant is liable to be rejected.
Since the company is being dissolved, therefore, the Court is required to take into account the total finance and financial resources for the purpose of distribution. The sale proceeds of the assets of the company are already available with the Official Liquidator, as disclosed in his report. Besides this, the company is holding 90,000 shares of another company M/s SAL Automobile Ltd. These shares are also ordered to be sold by the Official Liquidator. The Official Liquidator can offer the buy-back option to the company M/s SAL Automobile or its directors on the previous day's highest rate as per the stock-exchange rates, or the Official Liquidator may open a D- Mat Account in the name of company and sell the share as per the prevalent rate with the help of an authorised broker/agency. The sale proceeds of these shares shall also become part of the corpus of funds to be distributed to the above said verified claims.
Still further, the Official Liquidator has brought to the notice of this Court that CP No. 57 of 2002 dated 31.1.2002 is also pending before this Court, which was filed by Official Liquidator against Export Credit Guarantee Corporation (A Government of India Undertaking) for recovery of amount, which had remained unpaid from a foreign company to which the company in liquidation had exported certain goods. However, as has been brought to the notice of this Court, the said claim already stood rejected by the Corporation on 23.10.1997 even before the winding up order was passed by this Court. Again the Corporation had already intimated vide letter dated 7.4.1998 that the company in liquidation was entitled to receive any money from the Corporation 13 of 16 ::: Downloaded on - 01-03-2020 05:37:45 ::: CA No. 448 of 2009 in/and CP No. 226 of 1999 and all other connected CAs & CPs -14- because it had not fulfilled the conditions required for the same at the time of alleged export. Even the foreign company to which the export was made ceased to exist much earlier. Therefore, there is no possibility of any money coming on that count. Hence, CP No. 57 of 2002 is also ordered to be dismissed.
Although learned counsel for the Chartered Accountant has submitted that as against the bill of Rs.17,65,020/-, he has been paid only Rs.11 lakhs and he be paid the balance amount as well. However, this Court does not find any justification for making any more payment to him and his entitlement is restricted to Rs.11 lakhs, which already stands paid to him.
In view of the above and accordingly, it is ordered that :-
(i) first of all the liquidation expenses of Rs.1,35,97,999.24/-and the expenses now to be incurred for selling of shares, as mentioned above, shall be adjusted against the funds available from the sale of assets of the company.
Still further, the Official Liquidator may engaged a Chartered Accountant from the panel for completing the work of payments of the admitted claims now. Such engaged Chartered Accountant shall be paid Rs.50,000/-for this work. These charges shall also be adjusted as liquidation expenses, along with any other remaining expenses. After completion of work of distribution of funds, the Chartered Accountant shall furnish a certificate that all the funds of the company in liquidation have been duly appropriated against the admitted and permitted claims.
(ii) the balance of the funds available with the Official Liquidator be paid to the workmen, the secured creditors and the EPFO on proportionate basis. In determining such proportion, the amount already paid to the workmen and the 14 of 16 ::: Downloaded on - 01-03-2020 05:37:45 ::: CA No. 448 of 2009 in/and CP No. 226 of 1999 and all other connected CAs & CPs -15- secured creditors as interim dividend, shall be adjusted and only the balance amount would be required to be paid;
(iii) if the total proportionate share of the secured creditors is less than the amount which has already been paid to them, then the bank guarantee furnished by them, shall be encashed and after adjusting the excess paid amount, the balance amount of bank guarantee shall be returned to them. However, if the total proportionate amount of the secured creditors is less than the amount which they have already been paid, then the bank guarantee be released in their favour as it is; and the balance amount of their entitlement be also paid;
(iv) so far as the workmen are concerned, even if their proportionate share comes less than what they have already been paid, then also no amount shall be recovered from the workmen. The excess amount paid to the workmen shall be adjusted proportionately in the claims of the secured creditors and the EPFO dues. The secured creditors and the EPFO shall be paid the amount of their admitted claim, minus the proportionate adjustment on account of excess payment to the workmen, if any;
(v) since the funds available with the Official Liquidator are not sufficient even to meet the already admitted claims of the secured creditors, the EPFO and the workmen, therefore, all the suits in which the declaration qua their status and secured creditors was sought, are ordered to be dismissed. This Court does not find any basis or necessity for creating any more secured creditors by granting them the declaration of the order and status as secured creditors which was not established as such on the date when the winding up order was passed. The claims of all other persons, Authorities and entities, which were not admitted in the report of the Committee or additional report of 15 of 16 ::: Downloaded on - 01-03-2020 05:37:45 ::: CA No. 448 of 2009 in/and CP No. 226 of 1999 and all other connected CAs & CPs -16- the Chartered Accountant, or which have not been permitted by the Court; are declined. No other claims shall be admitted. All such claims stand rejected.
(vi) All other applications and/or the petitions pending as of now, are also ordered to be disposed of or dismissed in terms of the above directions. The Registry shall not accept any more applications or petitions in this matter.
The distribution of the funds as mentioned above shall be taken as the final compliance of the Rules 281 and 282 of the Companies Court Rules, 1959.
Accordingly, with the compliance of above directions, the company in liquidation namely; M/s Punjab Wireless System Limited shall dissolved. The Official Liquidator is directed to furnish the necessary information to the Registrar of Companies for further statutory purposes. The Official Liquidator shall furnish information in this regard to the Registry of this Court as well, within a period of three months.
(RAJBIR SEHRAWAT)
JUDGE
12.2.2020
Ashwani
Speaking/Reasoned : Yes/No
Reportable : Yes/No
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